5 February 2026 UBS Global I/O Semiconductors Advanced packaging: accelerating expansion to support new Cloud AI product cycle in 2026-27 Faster industry CoWoS capacity expansion Based on our analysis, we raise our estimate of the industry's CoWoS capacity to 150kwpm by the end of 2026E, from 135kwpm previously, up from 90kwpm at the end of 2025. The more aggressive capacity expansion reflects the strength of new cloud AI products ramping from H226E into 2027E, including Nvidia's Rubin, Google's TPU v8AX an ...

证券研究报告 超威半导体(AMD) (AMD US) 客户集中度和订单节奏成焦点 华泰研究 年报点评 投资评级(维持): 买入 目标价(美元): 300.00 何翩翩 研究员 SAC No. S0570523020002 SFC No. ASI353 +(852) 3658 6000 易楚妍 联系人 yichuyan@htsc.com SAC No. S0570124070123 SFC No. BXH065 +(86) 21 2897 2228 韩冬冰* 联系人 SAC No. S0570125070150 handongbing@htsc.com +(86) 21 2897 2228 基本数据 | 收盘价 (美元 截至 2 月 3 日) | 242.11 | | --- | --- | | 市值 (美元百万) | 394,165 | | 6 个月平均日成交额 (美元百万) | 10,324 | | 52 周价格范围 (美元) | 76.48-267.08 | 股价走势图 经营预测指标与估值 | 会计年度 (美元) | 2025 | 2026E | 2027E | 2028E | | --- | --- | ...

Key Takeaways AMD shares slid 17% after a weaker-than-expected Q1 sales outlook overshadowed its Q4 earnings beat.Advanced Micro Devices posted record server CPU revenues. AMD guided first-quarter revenues of about $9.8 billion, implying roughly 32% year-over-year growth. Shares of Advanced Micro Devices (AMD) slumped 17% on the bourses yesterday despite surpassing analysts’ top- and bottom-line expectations. This pullback was most likely triggered by the chipmaker’s first-quarter sales forecast, which fell ...

花旗发表研报指出，AMD去年第四季度业绩的上行主要受到意外的3.9亿美元中国销售额提振。尽管 AMD对2026年第一季度的指引高于市场共识，但该行认为买方预期更高。该行认为，在2026年下半年 MI450发布之前，该股仍处于观望模式，该行认为该产品面临执行、竞争及客户集中风险。2026年伺服 器CPU总可用市场将实现双位数字按年增长，2025年伺服器总可用市场约为200亿美元。 该行调整2026及2027财年的每股盈测(不含股份基础补偿)分别上调10美仙和下调4美仙，并基于目标市 盈率26倍，维持260美元的目标价，维持"中性"评级。 ...

AMD3日公布上季财报亮眼，惟本季财测低于市场预期，4日早盘股价重挫11%。不过，执行长苏姿丰 于财报会议多次强调，随旗下AI芯片「MI450」加速放量、资料中心需求全面升温，下半年AI业务将快 速攀升。 法人认为，AMD本季营运虽不如预期，但下半年迎来AI业务「真正的拐点」，相关供应链将跟着「先 蹲后跳」，台积电、健策、营邦等AMDAI相关业务协力厂下半年营运可望同步爆发。 AMD表示，上季营收年增34%至约103亿美元，高于市场预期的97亿美元；经调整后每股盈余1.53美 元，也优于分析师预估。 苏姿丰重申，预料AMD新AI芯片销售将在下半年快速攀升。她并提到，全球记忆体短缺不会让AMD放 慢脚步，「新AI芯片将如期在下半年增产，MI450表现极佳」。 从产品蓝图来看，AMD锁定下半年AI芯片大幅放量。公司确认，对标竞品新世代平台的MI450系列， 将于第3季开始贡献营收，第4季量产规模扩大，出货动能明显升温并延续至2027年。 AMD并首度对外证实，下一代MI500系列将于2027年迈向2奈米制程。业界指出，相关先进制程与先进 封装需求，仍高度仰赖台湾供应链。台积电作为全球先进制程与CoWoS等封装技术 ...

Advanced Micro Devices (AMD) shares crashed as much as 17% on Wednesday as the company’s muted Q1 guidance overshadowed record financials it reported for its fourth quarter. The post-earnings weakness pushed AMD meaningfully below its major moving averages (50-day and 100-day), indicating bears have taken control across multiple timeframes. Versus its year-to-date high, AMD stock is now down more than 20%. More News from Barchart www.barchart.com Is it Worth Buying AMD Stock on the Pullback? Northlan ...

Core Insights - Advanced Micro Devices Inc. (AMD) reported stronger-than-expected quarterly results, raising questions about the sustainability of near-term AI revenue linked to China [1] Financial Performance - AMD's revenue reached $10.27 billion, surpassing the Street's estimate of $9.67 billion, with adjusted earnings at $1.53 per share, exceeding the consensus forecast of $1.32 [2] - Total revenue increased by 34% year over year, indicating broad-based strength across core businesses [2] Segment Performance - The Data Center segment was the primary growth driver, with revenue rising 39% year over year to $5.4 billion [3] - Client and Gaming revenue increased by 37% to $3.9 billion, while Embedded revenue grew by 3% to $950 million [3] - For the upcoming quarter, AMD forecasts revenue of approximately $9.8 billion, including about $100 million from MI308 accelerator sales to China, which is above the analyst consensus of $9.39 billion [3] Analyst Insights - Analysts noted that AMD's revenue exceeded expectations mainly due to strength in the Data Center and Client segments, but highlighted that a significant portion of the upside was driven by MI308 sales to China, which may not be repeatable [4] - AMD's next-generation MI450 and Helios platforms are expected to ramp up in the third quarter of 2026, with significant volumes anticipated in the fourth quarter [5] - Analysts expressed caution regarding margins and operating leverage, as well as potential risks related to AI expectations [6]

Core Viewpoint - AMD reported unexpected sales growth in the Chinese market for the October to December quarter, but warned of uncertainties due to ongoing geopolitical tensions affecting U.S. chip companies [2] Group 1: Financial Performance - AMD's revenue for the quarter reached $10.3 billion, a 34% year-over-year increase, including $390 million from the MI308 AI chip sales, which were not included in previous forecasts [2] - The data center business segment generated $5.4 billion in sales, up 39% year-over-year, driven by growth in CPU and AI GPU sales [6] - Client and gaming business revenue grew 37% to $3.9 billion, primarily due to increased demand for Ryzen processors [6] Group 2: Market Dynamics - AMD plans to ship an additional $100 million worth of MI308 chips to China in the upcoming quarter, but has not forecasted any additional revenue from China due to market uncertainties [3] - The company is actively working on obtaining licenses for the MI325 chip and is in discussions with customers to understand their needs [3] - Despite the overall PC market expected to shrink due to rising component prices, AMD anticipates continued growth in its PC business through 2026, focusing on enterprise and high-end markets [8] Group 3: Product Development - AMD is set to launch a new integrated server-level AI system named Helios later this year, with ongoing discussions to increase sales of Helios or MI450 chips [6] - The company is also preparing to reintroduce older CPUs based on the Zen 3 architecture to address memory shortages and facilitate upgrades for users with existing DDR4 memory [8] - AMD's enterprise business has become its largest segment, indicating a shift in focus towards data center and enterprise solutions [9]

AMD is on the first tick it looks like slightly lower. Um it's moving around quite dramatically though. Um fourth quarter adjusted EPS $153.That is way better than the$132 that was expected. Uh looking at revenue 10.27% billion. That is also better than expected by a pretty wide margin.Looking for uh 9.67% billion for an estimate. They provide capex numbers of 222 million uh which is actually lower than the estimate. Um all things considered seems relatively contained compared to some of the other numbers w ...

Core Insights - Simplicity in trading strategies is emphasized, with a focus on using a few reliable indicators to avoid analysis paralysis [1][7] - Relative strength is highlighted as a powerful indicator, particularly during market downturns, to identify stocks that outperform the market [2][3][7] Company Highlights - **Advanced Micro Devices (AMD)**: Anticipation for the Helios Platform and MI450 release has driven up shares, with analysts projecting a 60.33% growth in EPS by 2026 [4][5] - **Baidu (BIDU)**: Positive developments include the Ernie AI assistant surpassing 200 million monthly active users and the expansion of the Apollo Go robotaxi service, alongside potential spin-off of its AI chip unit, Kunlunxin [8] - **Astera Labs (ALAB)**: The company has shown resilience in a down market, with expectations of strong revenue growth and profitability, regaining its 50-day moving average [8] - **Critical Mineral Stocks**: Companies like United States Antimony (UAMY) have seen significant gains due to geopolitical tensions and tariff disputes, highlighting the importance of onshoring critical mineral production [11] Market Trends - Small-cap stocks have outperformed larger indices, with the Russell 2000 Index up nearly 7% year-to-date, contrasting with a slight decline in the Nasdaq 100 Index ETF [10]